Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pfizer Inc. Financial Data for 2022: Profit & Loss Statement: Item Amount Revenue $38,000,000 Cost of Goods Sold $24,700,000 Operating Expenses $8,000,000 (Including Depreciation: $750,000)

Pfizer Inc. Financial Data for 2022:

Profit & Loss Statement:

Item

Amount

Revenue

$38,000,000

Cost of Goods Sold

$24,700,000

Operating Expenses

$8,000,000 (Including Depreciation: $750,000)

Interest Expense

$200,000

Gain on Sale of Equipment

$175,000

Income Tax Expense

$400,000

Balance Sheet:

Item

12/31/2022

12/31/2021

Cash

$5,000,000

$3,500,000

Accounts Receivable

$1,000,000

$950,000

Inventory

$2,000,000

$1,850,000

Accounts Payable

$1,100,000

$1,050,000

Additional Information:

Equipment sold for $700,000 (original cost $900,000, carrying value $570,000).

New equipment purchased for $650,000.

Dividends declared and paid: $850,000.

Treasury shares purchased: 6,000 shares for $600,000.

Requirements:

Compute cash flows from operating activities.

Compute cash flows from investing activities.

Compute cash flows from financing activities.

Determine the ending cash balance.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Volume 1

Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

9th Canadian edition

978-013309863, 9780133128338, 013309863X, 133128334, 978-0132690096

More Books

Students also viewed these Accounting questions

Question

4. Similarity (representativeness).

Answered: 1 week ago